I don't know if this has been covered here before but I ran across this tip on another fishing site I was passing through.  I had the opportunity to try this, 4 times, last night, with my son and his friend as we were fishing in a river that is quite low and has A LOT of trees, rocks and other junk in it. It worked on a jig with me and several hooks with the others as they were fishing for cats.  

If you get snagged, first off, DON'T keep pulling and bury the hook deeper.

Pull out an arms length of line from between the reel and the first guide.  Tighten the line by putting pressure on the line by raising the rod way back over your head.

When you have some fairly significant pressure from both hands, everything is tight, release the line like a slingshot and release the rod pressure at the same time.

The hook or jig should pop free.  Once I thought it was still stuck, but a sharp yank proved me wrong.

All four times I tried this it worked. I don't know if it would work on more buoyant lures or not, but would be worth a try.

We call that Yo Yo ing or BanJoing.

Yep, thats the banjo. Works most of the time.

I always called  it the bowstring technique

Definely gonna have to remember this.

Thanks!

yeah ive tried it but didnt realy know what i was doing so it never worked. will try next time tho. i alway called it the bowstring.

similar to what i do to get a crank out of a tree limb,,,,pull around 10 inches off the spool with the bail closed and hold the line off to th side of the reel with one finger and while aplying pressure by pulling the pole and release your finger like you would with a bow and the crank usually comes out after one or 2 tries

Works like a charm!

Don't know what it is called, but I always seem to say one of a couple four letter words right before I do it ;D